Globalization and the Impact of Information and Communication Technology on Economic Growth

Study of international development in post-industrial era and information era regardless of globalization process is not possible. Information and Communication Technology (ICT) is the main characteristic of modern economics, and it has been one of the most important factors that has played an important role in improving productivity and economic growth in the past two decades. This paper, explores the importance and consequences of globalization and modern economy with emphasis on the role of ICT on economic growth of Organization of Islamic Cooperation (OIC) member countries  using Generalized Method of Moments (GMM) within the framework of a dynamic panel data approach for the  period of  2000- 2008. The results indicate that the variables of  ICT infrastructure, physical capital, and human capital and economic openness have positive and significant relationship but  the variable of government size has negative and significant relationship with economic growth of selected member countries of OIC.